Portrait of Dr Tatiana Franus

Dr Tatiana Franus

Lecturer in Finance

Bayes Business School , Finance

Contact

About

Overview

Tatiana works in applied research on market microstructure, empirical finance, financial modeling and forecasting, market surveillance, and machine learning in finance.

She has written on topics that include forecasting financial market manipulation, the effects of spoofing on market quality, machine learning applications to forecast market states, informed trading in futures market, and price discovery in cryptocurrency markets.

Tatiana has experience working in and consulting for banks, hedge funds, exchanges, and the industry since 2009.

Qualifications

  • Fellow, Higher Education Academy (FHEA), United Kingdom
  • PhD in Finance, Bayes Business School (formerly Cass), City, University of London, United Kingdom
  • MSc in Accounting and Finance, London School of Economics and Political Science, United Kingdom

Fellowships

  • Fellow, Higher Education Academy (FHEA), February 2024 - present

Award

  • British Accounting and Finance Association (2026). Best Paper Award
    British Accounting and Finance Association SIG Annual Conference, 8-9 January, 2026, Liverpool, UK. "A machine learning ensemble approach to predict financial markets manipulation". Best Paper Award

Expertise

Primary topics

  • Financial Markets
  • Asset Pricing
  • Capital Markets
  • International Financial Markets
  • International Finance
  • Finance

Additional topics

  • Futures & Options
  • Fund Management
  • Risk Management
  • Hedge Funds

Industries

  • investment banking
  • financial services

Publications

Journal articles (2)

  1. Menkveld, A.J., Dreber, A., Holzmeister, F., Huber, J., Johanneson, M., Kirchler, M.... Franus, T. (2024). Non-Standard Errors. The Journal of Finance, 79(3), pp. 2339-2390. doi:10.1111/jofi.13337

    [publisher’s website]

  2. Gemayel, R., Franus, T. and Bowden, J. (2023). Price discovery between Bitcoin spot markets and exchange traded products. Economics Letters, 228. doi:10.1016/j.econlet.2023.111152

    [publisher’s website]

Thesis/dissertation

Working papers (10)

  1. Franus, T. and Payne, R. Spoofing manipulation and intraday market quality.
  2. Franus, T. Momentum ignition manipulation on financial markets.
  3. Bowden, J., Gemayel, R. and Franus, T. Hitting the Right Notes? Earnings Call Vocal Cues and Investment Decision Making.
  4. Franus, T., Marchese, M. and Payne, R. A machine learning approach to predict market manipulation.
  5. Andrew, M., Franus, T. and Culley, J. Valuation of leasehold extensions in England.
  6. Perch, J., Mousavi, P. and Franus, T. Machine Learning in Long-term Stock Market Predictions.
  7. Franus, T., Hayley, S. and Payne, R. Market efficiency and market depth.
  8. Franus, T. and Gallo, A. Price discovery in stablecoins.
  9. Franus, T. and Gallo, A. Price discovery in stablecoins.
  10. Franus, T. and Tsolacos, S. Assessing the forecast performance of machine learning algorithms and econometric model in real estate.

Professional activities

Events/conferences (14)

  1. British Accounting and Finance Association SIG Annual Conference. (Conference) Liverpool, UK (2026). Invited speaker.
    Paper: A machine learning ensemble approach to predict financial markets manipulation
    Author: Franus, T.
    Co-authors: Marchese, M. and Payne, R.G.
    Description: Best Paper Award
  2. World Finance & Banking Symposium. (Conference) (2024). Invited speaker.
    Paper: Price Discovery between Bitcoin Spot Markets and Exchange Traded Products
  3. Financial Fraud, Misconduct and Market Manipulation Conference. (Conference) Lancaster, UK (2024). Invited speaker.
    Paper: A Machine Learning Ensemble Approach to Predict Financial Markets Manipulation
    Author: Franus, T.
    Co-authors: Marchese, M. and Payne, R.G.
  4. Economics of Financial Technology Conference. (Conference) Edinburgh, UK (2024). Invited speaker.
    Paper: Crypto ETPs vs Direct Investments
  5. Finance and Business Analytics Conference. (Conference) Athens, Greece (2024). Invited speaker.
    Paper: Valuation of leasehold extensions in England using a machine learning approach
  6. Financial Econometrics Conference. (Conference) Trinity College, University of Cambridge, UK (2024). Invited speaker.
    Paper: Beyond the Hype: Exposing the Myth of Machine Learning in Long-term Stock Market Predictions
  7. International Conference on Finance and Economics (ICFAE-24). (Conference) Dubai, UAE (2024). Invited speaker.
    Paper: Informed Trading in Futures Market
  8. Finance Research Workshops at Bayes Business School. (Workshop) London, UK (2023). Invited speaker.
    Paper: Forecasting Financial Market Manipulation using Machine Learning Method
  9. Wold Finance Conference. (Conference) Arger, Norway (2023). Invited speaker.
    Paper: Modeling and Forecasting spoofing manipulation
  10. International Symposium of Forecasting. Charlottesville, Virginia, USA (2023). Invited speaker.
    Paper: Modeling and Forecasting spoofing manipulation
  11. Finance and Business Analytics Conference. (Conference) Lefkada, Greece (2023). Invited speaker.
    Paper: Modeling and Forecasting spoofing manipulation
  12. Market Microstructure Summer School. (Seminar) Stockholm Business School, Sweden (2021). Invited speaker.
    Paper: Spoofing Manipulation and Intraday Market Quality
  13. World Finance & Banking Symposium. (Conference) Riga, Latvia (2020). Invited speaker.
    Paper: Spoofing Manipulation and Intraday Market Quality
  14. International Conference on Game Theory and Management. (Conference) Graduate School of Management, Saint-Petersburg, Russia (2019). Invited speaker.
    Paper: Welfare effects of spoofing manipulation strategy in financial double auction

Keynote lectures/speeches (2)

  1. QS Higher Education Summit, Europe 2025. Porto, Portugal (2026). QS Higher Education Summit, Europe 2025, 16-17 June, 2025, Porto, Portugal. "How AI is changing the student journey in business school"
  2. FinTech.lab Crypto Event at Bayes Business School Crypto: Everything you need to know about. London, UK (2026). “Investments in cryptocurrencies”. Keynote speaker